Finding out that a solo practitioner struggles to reduce time spent on administrative tasks on top of many other things needed to do to run the firm is not shocking at all. In addition, there is little to no demand in the market, and upgrading a business at this rate is downright challenging. That is why a lot of firms nowadays switch to innovative solutions and strategies to drive revenue and keep the firm alive and kicking.
You may find yourself facing increased difficulty in getting new clients, being under pressure to become more specialized, that is, being a subject matter expert instead of being a jack of all trades, having clients who are expecting services at lower rates, and being introduced to too many technology solutions.
These are just some of the significant concerns and issues a solo practitioner might be facing today. It would seem that the war is already lost before it even started. But what makes a solo practitioner stand out is its flexibility to shift to new ways almost instantaneously. No board resolutions. No majority votes. Just you. And with every decision to turn a new leaf, there is always a price to pay. But while the first obvious question is, “How much?”, the first concern should be, “Is this the right time?”
The market is changing. Society is evolving. And you don’t want to be left out. But in as much as upscaling is good for your small firm, it can also pose harm to you if you did it unprepared.
Rapid upscaling is closely associated with your business outperforming your capacity to conceive of its size and range. When you have a smaller business, you probably have a good grasp of your numbers. You are able to watch and keep track of your budget. It is key to understand your accounting so you could avoid making mistakes you can’t come back from.
As your business grows bigger, staying organized has never become more amplified within your walls. Individuals transforming into a team drives the management to make sure that everyone in the company works together around the core principles of the firm and maintains order in performing delegated duties and responsibilities.
Creating balance within your small team is one of the many factors behind how an excellent business starts. However, as you grow bigger, it also becomes more difficult to expand and keep hiring people. You need people with specific skillsets urgently.
As your firm expands, you need to be able to step back and look at the bigger picture. Don’t become a micromanager. While things are happening, be careful not to become detached from the daily reality of your firm because this disconnect can be very dangerous for the whole team.
Technology and connectivity both play very important roles in the growth of your business. Your firm needs to have the right tools in place to ensure all systems are running efficiently and effectively. Small firms these days need solutions that range anywhere from internet and storage solutions to voice-over applications. The tech requirements of a business vary greatly based on the size, goals, and structure of a company so you will need a clear vision in terms of functionality and cost before scaling your business forward.
You may also consider hiring an in-house IT employee who can assist in placing the right tech tools and processes for your day-to-day processes. There are managed service providers in the market today that can be very useful partners to lead you in the right direction.
Scaling your firm up can cost you anything. It is exciting but tricky so it’s important to manage it well right from the beginning. Developing your firm can be dangerous if you don’t go about it the right way. Always keep track of your finances, and make sure that your customer service, technology, and business operations are built to scale.
